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The Day Ahead: Top 3 Things to Watch

Published 2017-12-27, 04:24 p/m
Updated 2017-12-27, 04:32 p/m
© Reuters.  What to watch out for in tomorrow's session

© Reuters. What to watch out for in tomorrow's session

Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow

US Macro Data in Focus

As markets approach the final stretch until the new trading year, investors look to the final wave of economic data for signs of continued strength in the US economy.

The Labor department releases its weekly count of the number of individuals who filed for unemployment insurance for the week ended Dec 22. Economist forecast initial jobless claims to fell by 5000 to 240,000.

US Goods trade balance – the difference between imported and exported goods – for November is forecast to narrow to -$67.60 billion from -$68.10 in the previous month.

Ahead of the data, the dollar fell against its rivals amid consumer confidence data that undershot economists’ forecasts.

Energy Information Administration Weekly Inventory Report

A fresh batch of inventory data from the Energy Information Administration (EIA) on Wednesday is expected to show that U.S. crude stockpiles fell for the sixth-straight week.

Analysts forecast crude inventories fell by about 3.97m barrels in the week ended Dec. 23.

Crude oil futures have made a mixed start to the week, reversing some of Tuesday’s gains as traders appeared to take profit on the recent rally in crude futures, which rose to $60.01 on Tuesday for the first time since mid-2015.

UK Housing Data

UK house price data for December is expected to be closely monitored following a surprise drop in November.

Economists forecast Nationwide HPI data to show house prices rose 0.1% in December, and 2.5% year-on-year.

The tight supply of new homes is widely believed to be one of the key factors supporting prices, and is not expected to change in the near future.

GBP/USD rose 0.16% $1.3397.

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